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You ought read Charles Sanders Peirce's philosophical writings on Pragmatism. You'll find, and this may answer some of your questions, another name he gave Pragmatism is practicalism.
I'll attempt to give a quick explanation of Peircean Practicalism, etc.
To Peirce, there is the concept of doubt and belief. Belief, to use another description, is a habit. We have a habitual response to a given situation. I.E. we cannot explain something, but we are Christian, therefore we attribut the inexplicalbe occurence to an action of God. Doubt, on the other hand, is the absence of this habituallity (is that even a word? anyway...). The best example I can give you is from The Scarlet Letter. If you've read it, you know that Hester Prynne must wear the scarlet letter for her sin as punishment, and her daughter Pearl gets into the habit of seeing it everyday. One day Hester removes it, and this angers Pearl, because, she has a doubt of what to do in it's absence.
Okay, so, we have doubt and belief. Now, you're probably tooling around with the fact that this is still a philosophy of Relativism (and in many ways it is), however, now we get into truth and reality.
Truth, to Peirce, most simply, is a belief that is unaissalable by doubt. That is to say, we have empirically tested variables to such a great extent that the outcome of something is essentially known.
Reality is composed of these truths. This is a very abstract concept when you get into it. Though we may never know the entirety of the truths, there are truths we observe and accept, at least that's my take on it.
There's more to this, meaning, and signs, but, that is a bit more obscure, I'd have to go back and reread some of this stuff. I'll try to do that this weekend.
Now, another author you may want to read is William James, the second of the the major American Pragmatists.
James, most basically, asserted, that truth (which would eventually read to rights and wrongs) is what is best for the situation.
He used it to justifty his belief in God, etc.
John Dewey, a man we've all been acquainted with, is the third of the three American Pragmatists. I haven't read nearly as much of his work as I have of Peirce's, and James, and that's considering I haven't read much of James.
Anyway, you may want to check these philosophers out if you're looking for some semblance of an answer to your practicalism question.
The other argument, of course, would be from the idealists. We all know that Socrates would tell you there is right, and there is wrong, and that right and wrong is among the perfect wisdom. The majority of us, so to speak, are still in the cave.
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